Daily Business Wrap - Strong results from Arabtec and Noor Bank - video Dailymotion

A few UAE firms, which have been scrambling to announce their results, came out with their numbers.

Transcript

00:00Hello and welcome to Gulf News daily business wrap-up. Yesterday we were

00:05talking about many companies, about hundreds of them listed on UAE burses

00:09were pending their results on GFM or ADX. So today we had a slew of results from

00:16Adaptec and Noorbank. Adaptec reported the second consecutive profit for the

00:21fourth quarter in 2018. Net profit came in at 64 million dirhams up 57% on year.

00:30Remember that Adaptec were in huge debt and they had losses mounting to about

00:373 billion dirhams in last two years. Noorbank, a Sharia compliant bank

00:42based in the UAE also reported some fantastic set of numbers. Noorbank's

00:46profit for 2017 came in at 601 million dirhams. It's up about 62% on year.

00:54Their total assets rose by 19% to be at 15 billion dirhams in 2018.

01:02OPEC production fell to a four-year low in January as the cartel decided to cut

01:07production to prop up prices. Production came in at about 30.8 million barrels

01:13of oil per day down about 1 million barrel compared to the previous month.

01:19OPEC and other countries have agreed to cut output by 1.2 million barrels per

01:24day in an effort to eliminate the surplus in the market and prop up oil

01:29prices. That's it from me and thanks for watching. For more you can log on to

01:32Karlsnews.com